Benjamin Franklin Method

Posted in Marketing and Strategy Terms, Total Reads: 262

Definition: Benjamin Franklin Method

Benjamin Franklin Method is an approach used by salesperson to gain commitment from consumers by telling them to think the pros and cons of all alternative available. Benjamin Franklin Method focuses on creating a work schedule to be followed for executing business as per the timelines.


Steps for Benjamin Franklin Method

Make two columns. List all the pros of the alternative in one column and all the cons in another. Then two conditions will arise:

1) Any one column will become longer than the other so that will clearly imply if pros of the alternative is more or cons accordingly the consumer can take the decision if he should go for that alternative or not.

2) If two columns are of same length then the list will help the consumer to become more familiar with the advantages and disadvantages of the alternatives available.

This will help consumers to get a clear picture of all the alternatives and help them to choose better alternative.


PROS

Weightage

CONS

Weightage

Saving money in long term

2

Big upfront cost

3

Saving time in long term

3

Maintenance and insurance

2

Convenience in going to distant places

3

May not be used regularly

1

More people can go at a time

2

High monthly installments

2

Can be used for commercial purposes

1



Working of Benjamin Franklin Method

First of all, make two columns and list all the pros and cons of the alternative in respective columns. Once the list is complete, analyse the list and give weightage to each item. Then compare the items in pros and cons with the same weightage. Strike out the items with the same weightage. After that remove from the list all items where one pro would equal in weight two cons. That eliminated three items. Then repeat the same in reverse way by removing all items where two cons equal three pros. That eliminated five more items. This process reduces the size of the list to manageable one and makes the decision making easier.


Advantages & Disadvantages of Benjamin Franklin Method

Advantages:

1. Decision making becomes easier as the outputs are clear.

2. Helps in better scheduling and time management

Disadvantages:

1. Consumers might not be able to cover all pros and cons of an alternative. Some of them might be missed.

2. The process sometimes become cumbersome and confusing.

3. Time consuming process


Example of Benjamin Franklin Method

Let’s consider a situation: Should I buy a car?

PROS

CONS

Saving money in long term

Big upfront cost

Saving time in long term

Maintenance and insurance

Convenience in going to distant places

May not be used regularly

More people can go at a time

High monthly installments

Can be used for commercial purposes



Then give weightage to each item.

PROS

Weightage

CONS

Weightage

Saving money in long term

2

Big upfront cost

3

Saving time in long term

3

Maintenance and insurance

2

Convenience in going to distant places

3

May not be used regularly

1

More people can go at a time

2

High monthly installments

2

Can be used for commercial purposes

1




After striking out the items with same weightage we can clearly see that the pros of buying a car outweigh cons of buying. So, the decision should be with buying a new car.

Hence, this concludes the definition of Benjamin Franklin Method along with its overview.

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